Podcast
Questions and Answers
Commerce is the large-scale organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality and price through various channels from the original producers to the final consumers within local, regional, national or international economies
Commerce is the large-scale organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered distribution and transfer of goods and services on a substantial scale and at the right time, place, quantity, quality and price through various channels from the original producers to the final consumers within local, regional, national or international economies
commerce
The ______ in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges
The ______ in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges
diversity
Commerce consists of trade and aids to trade along the entire supply chain
Commerce consists of trade and aids to trade along the entire supply chain
commerce
Trade is the exchange of goods (including raw materials, intermediate and finished goods) and services between buyers and sellers in return for a price at traditional (or online) marketplaces
Trade is the exchange of goods (including raw materials, intermediate and finished goods) and services between buyers and sellers in return for a price at traditional (or online) marketplaces
Signup and view all the answers
It is categorized into ______ trade, including retail and wholesale as well as local
It is categorized into ______ trade, including retail and wholesale as well as local
Signup and view all the answers
Study Notes
Definition of Commerce
- Commerce is a large-scale organized system of activities, functions, procedures, and institutions that facilitate the distribution and transfer of goods and services.
- It ensures the smooth, unhindered flow of goods and services on a substantial scale and at the right time, place, quantity, quality, and price through various channels.
Factors Giving Rise to Commercial Exchanges
- Diversity in the distribution of natural resources contributes to commercial exchanges.
- Differences in human needs and wants contribute to commercial exchanges.
- Division of labour along with comparative advantage contributes to commercial exchanges.
Components of Commerce
- Trade: the exchange of goods (including raw materials, intermediate and finished goods) and services between buyers and sellers in return for a price.
- Aids to trade: activities that facilitate trade along the entire supply chain.
Classification of Trade
- Domestic trade: trade that occurs within a country's borders.
- Retail trade: sale of goods and services to individual consumers.
- Wholesale trade: sale of goods and services to businesses or organizations.
- Local trade: trade that occurs within a specific geographic area.
Trade Platforms
- Traditional marketplaces: physical locations where trade takes place.
- Online marketplaces: digital platforms where trade takes place.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of commerce with this quiz! Explore topics such as supply chain management, marketing, trade, retail, finance, and more. See how well you understand the organized system of activities that contribute to the distribution and transfer of goods and services on a substantial scale.
